Bill Nelson on the Future of Central Bank Operating Systems
Macro Musings with David Beckworth
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Navigating Central Banking Dynamics
This chapter explores the transformative landscape of central banking as institutions adapt their operating systems and interest rate strategies. The conversation emphasizes the importance of establishing a positive spread between market and deposit rates, alongside historical insights from the Norges Bank's tiered reserve system. Additionally, it discusses the complexities surrounding repo markets and the necessity for a stable target in the Federal Reserve's monetary policy to maintain effective liquidity and encourage interbank engagement.
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